How—and why—to set up an emergency savings account
Why you should set up an emergency account—and how easy it can be.
Emergency savings
Emergencies happen. Whether it’s a job loss, car accident, broken appliance, or sudden medical issue—you need to be prepared. Building an emergency savings account can help you reduce stress and avoid making poor financial decisions during unexpected financial hardships.
Open your free account
No fee and FDIC-insured account offered to you as a valued IRA customer
Stay on track for retirement
Build an emergency fund to help you avoid borrowing from retirement savings
Set your savings goal
A common goal is aiming to set aside three to six months of your living expenses
Make a plan to build your savings
Decide how much you can put in initially and automatically save each month
Keep emergency savings separate
Stash your cash in an account that’s separate but easy to access
Set up a low-risk savings account
Consider our interest-bearing, FDIC-insured account
Related viewpoints
When to tap into your emergency fund
What's an emergency when it comes time to spend your emergency fund? Ask yourself these four questions before tapping that pool of hard-earned cash.
The importance of having an emergency fund
Occasionally, unexpected events can take a hard hit on your bank account. Learn the basics of what an emergency fund is and why it's important to have one.
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Important disclosures
Emergency Savings is a product offered by John Hancock Personal Financial Services LLC, an SEC investment adviser registered under the Investment Advisers Act of 1940. The assets in Emergency Savings accounts are swept into interest-bearing FDIC- insured deposit accounts as described below.
Apex (the account custodian) in its sole discretion may sweep the cash in a client’s Emergency Savings account into and out of interest-bearing FDIC-insured deposit accounts opened by Apex at participating banks (“Participating Banks”). Participating in the Emergency Savings program does not guarantee that any or all of the cash in a client’s account will be swept into a Participating Bank. FDIC insurance only applies to those assets in a client’s account that are swept into a Participating Bank. Assets in the client’s account that are not swept into accounts at Participating Banks are not insured by the FDIC and have no bank or government guarantees but are instead covered up to $250,000 by the Securities Investor Protection Corporation (“SIPC”) of which Apex is a member.
Interest paid on a client’s Emergency Savings account will vary over time and can change daily without notice to the client. Interest paid on a client’s Emergency Savings account may be lower or higher than interest paid on the bank account used by a client to fund the client’s Emergency Savings account or the interest paid on deposits at the Participating Banks or at other banks.
JHPFS does not charge any advisory or maintenance fees for an emergency savings account.
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